PLC and electrical connection and protection company nVent Electric plc (NYSE: NVT) has completed the acquisition of CIS Global, a manufacturer of linear motion slides and power distribution products for data centres.
The company has been bought for a cash purchase price of approximately US$200 million, subject to customary adjustments, and had more than $80 million in sales in 2020.
nVent Electric plc’s shares were up following the completion of the acquisition taking the company’s market capitalisation value to $5.38 billion.
nVent Enclosures President Joe Ruzynski, said: “The increasing demand for electrifying the world around us is sparking a dramatic increase in the need for protecting, powering and managing heat in large data centers and edge computing applications.
“With CIS Global’s innovative solutions in intelligent rack power distribution and proven capabilities in server slides, we will accelerate our growth plan cantered around electrification, which includes providing leading technologies in heat and power management for data centre and networking applications.”
Headquartered in Tucson, Arizona, CIS Global was founded in 1955 as a distributor of industrial products, eventually evolving into a manufacturer of mechanical assemblies.
Through its relationship with IBM, CIS developed its first server rails for IBM in 1998, followed by other top OEMs such as Dell and HPE.
In 2001, CIS launched its first basic rack power distribution unit product line through HPE. Continuing the expansion of the product portfolio, CIS adapted its IT server rails to meet needs in the consumer appliance segment, leading to a long-term deep relationship with Whirlpool that continues today.
In 2015, CIS started designing and manufacturing its first electronics products after the acquisition of Enlogic.
CIS Global Business President Shubhayu Chakraborty, added: “We are excited to join the nVent family. nVent has a strong vision and approach to business that closely aligns with our core values around customers, innovation and people.
“Our portfolio is complementary to nVent’s, which when combined, allows us to bring a greater breadth of solutions to our customers and expands our value proposition to a broader base through an extended global reach.”